Energous Corporation Reports 2023 First-Quarter Results

About this update from Energous Corporation

[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nEnergous Corporation (NASDAQ: WATT), a leading developer of RF-based charging for wireless power networks, today announced financial results for its first quarter ended March 31, 2023, and provided an update on its partnership and regulatory highlights.\n\n\nUnaudited 2023 First-Quarter Financial Results\n\n\nFor the first quarter ended March 31, 2023, Energous reported:\n\n\n\nRevenue of approximately $96,676, compared to $215,961 in the 2022 first quarter\n\n\n\nCosts and expenses of approximately $6.4 million, with approximately $138,813 in cost of revenue, $3.1 million in research and development, and $3.2 million in sales, marketing, general and administrative expenses\n\n\n\nNet loss of approximately $(6.7) million, or $(0.08) per basic and diluted share\n\n\n\nAdjusted net non-GAAP loss of approximately $(5.5) million\n\n\n\nApproximately $26.3 million in cash and cash equivalents at the end of the first quarter, with no debt\n\n\n\nPartnership Momentum\n\n\n\nEnergous and InnoTractor — a European provider of IoT-based solutions for logistics and supply chain applications to integrate wireless power solutions for real-time asset tracking across various industries witnessing significant IoT growth. The partnership will integrate and deploy Energous’ PowerBridge technology and Wiliot’s IoT Pixel tags, providing customers with a solution featuring lower costs, increased mobility and improved sustainability.\n\n\n\nEnergous and Thinaer — a leading industrial IoT SaaS platform provider to incorporate Energous' wireless power transfer technology as part of a joint offering to help organizations improve efficiency, reduce costs, and enhance outcomes in various settings, including industrial manufacturing and warehousing.\n\n\n\nEnergous and LIXIL — a maker of pioneering water and housing products is working to combine Energous’ WattUp wireless power transfer technology and its suite of housing technology, including IoT home solutions, to deliver a joint solution that removes the need for battery maintenance via reliable and consistent power delivered wirelessly.\n\n\n\nEnergous and SATO — a global pioneer in auto-ID and labelling solutions partnering to develop joint solutions that combine Energous’ 1W WattUp PowerBridge transmitters with IoT solutions for next-generation smart store applica...

More updates from Energous Corporation